Top Line raises P1.5B from follow-on offering

Visayas-based fuel retailer Top Line has raised P1.5 billion from its follow-on offering, signaling the group’s new wave of expansion.

The company said in a statement on Friday officially listed its Series A perpetual preferred shares on the Philippine Stock Exchange.

The offering comprised 10 million perpetual preferred shares valued at P1 billion, with an oversubscription option of up to 5 million shares for P500 million.

“Top Line has always been guided by the ability to recognize opportunity amid uncertainty. When we pursued our initial public offering in 2025, the market was confronting the effects of a global trade war,” said Erik Lim, Top Line’s chair, president and CEO.

Despite global developments dampening investor confidence and growth forecasts, Lim said that Top Line managed to maintain its strong momentum.

“This year, despite significant headwinds in the fuel industry, we remained focused on the strong long-term fundamentals of the Visayas and the growing need for a more reliable and resilient fuel supply chain,” he added.

The proceeds would help finance Top Line’s expansion, particularly strengthening its depot capacity and importation capabilities.

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Of the amount rates, P1 billion was earmarked for importation, including the procurement of petroleum products, shipping and freight costs.

About P440 million, meanwhile, would go for the development of its depot facility, designed to carry up to 40 million liters.

At present, Top Line has 18 service stations, with 32 more under construction or renovation.